19 November 2014

MRCB marks turnaround with RM27.39m profit

19 November 2014

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) has registered a turnaround with a net profit of RM27.39 million for its third quarter ended September 30 against a loss of RM122.41 million a year ago, boosted by gains from its property projects.

Its revenue more than tripled to RM497.26 million from RM159.72 million a year ago.

For the nine months, the group posted a net profit of RM157.9 million from a loss of RM111.34 million a year ago.

Revenue rose 69 per cent to RM1.027 billion from RM607.49 million a year ago.

MRCB said in a statement it recorded a higher revenue for the current cumulative quarter, mainly due to revenue contribution from the group’s newly acquired property development subsidiaries, which are the 9 Seputeh and PJ Sentral’s developments, in addition to the ongoing development of Q Sentral Office and The Sentral Residences, coupled with revenue generated from the engineering and construction division.

Its results are due to the recognition of profit from the property development projects, on top of the disposal gain from the sale of investment in Duta-Ulu Kelang Expressway, which was recognised in the previous quarter.

Moving forward, the group’s expansion plans, which include acquiring landbanks at prime locations such as PJ Sentral, 9 Seputeh, Suria Subang, Semarak City and Kwasa Sentral and also being a transportation hub developer, will provide the platform for the group to further grow its revenue and profit base for the future.

“With the projection that the Malaysian economy to expand at 5.5 to six per cent next year, the group expects the revenue and profit growth to be satisfactory for the current financial year,” it said.

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